The New York Times reports that Sony will dismiss 8,000 workers and reduce its planned investments in a bid to counter the effects of worldwide economic recession.

The 8,000 full-time jobs represent 5% of Sonyâ€™s workforce in its electronics business. Sony also plans to slash another 8,000 temporary and contractual employees for a total of 16,000-strong reduction in its workforce.

The electronics giant will also reduce its investments in the fiscal year ending March 31, 2010, by about 30 percent compared to its mid-term plan. Sony will downsize its investments in CMOS images sensor, TV and other product areas.